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Co-working startup Industrious has raised $80 million in new funding led by Riverwood Capital and Fifth Wall Ventures.

Bottom line: Industrious and its investors aren't worried about competing with WeWork, despite the latter's global footprint and recent backing from SoftBank.

“The name of the game right now is growing the pie,” says Industrious co-founder and CEO Jamie Hodari, who adds that co-working offices still represent a tiny fraction of commercial real estate.

Additionally, Hodari describes WeWork as a mass product, while his company is providing a premium product for a different type of customers (though WeWork has also been signing up large tenants like Microsoft in the last couple of years). Examples of Industrious perks can include nursing rooms, fitness centers, and concierges.

“While billions of dollars of SoftBank money is extremely helpful, one thing that SoftBank doesn’t control is the assets themselves,” says Fifth Wall Ventures partner Brad Greiwe, whose firm’s investors include some of the largest real estate companies.

  • Other investors include Alrai, Outlook, Rabina Properties, Schechter Private Capital, and Wells Fargo Strategic Capital.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.